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VA Loans Overview

VA Loan

VA Loan Benefits

VA Loans Overview and active duty members for the purchase of a primary residence. A common misconception with the VA loan program is the amount of ‘red tape” involved. However, this isn't the case. Many VA lenders can acquire your Certificate of Eligibility online, and in many cases eligible VA borrowers can also be processed without a manual underwrite or VA review. The Veterans Administration does not lend money for VA loans; instead it guarantees the top twenty five percent of the loans made by private lenders, such as Security America Mortgage, to those who qualify.

Qualified veterans can use the VA Home Loan Benefit to purchase a home with zero money down, no private mortgage insurance, and have the sellers pay all of their closing costs. These benefits, along with highly competitive interest rates, are making the VA home loan the preferred loan choice for many veterans.

The bottom line is the average closing times for VA loans are rarely differ from those of conventional loans.

VA Loan History

The VA Loan program was enacted by Congress in 1944 as a way to extend benefits to returning veterans as part of the Servicemen’s Readjustment Act. The government setup a system in which private lenders would make home loans to veterans and in return the government would guarantee the lender against any loss in the event of a default.

In 1992 the VA Loan program was expanded to allow Reserve and National Guard members the ability to obtain a VA home loan provided they had at least six years of honorable service. As of today, more than 18 million veterans have used their VA home loan benefits. In the wake of the 2007 housing crisis, the VA home loan program has seen increased usage as many lenders throughout the country have tightened their lending standards.

Prequalifying for a VA Loan

To start the VA loan process, contact Security America Mortgage to get a list of VA-approved lenders either online or via phone. A VA loan specialist will ask basic questions about the borrower’s financial history and homebuying goals to determine if a loan suits the borrowers needs. Prequalification for a VA Loan helps borrowers and lenders establish an immediate sense of eligibility and start building a foundation for the next stage, which is loan preapproval.

VA Loan Interest Rates and Cost

There are two key differences in terms of closing cost with a VA home loan. First, if negotiated into the purchase contract, all closing costs and prepaid items can be paid by the seller, totaling up to four percent of the purchase price. VA Home Loans have the same cost associated with closing as all other home loan products. Second, the Department of Veterans Affairs charges a VA Funding Fee on every loan it guarantees.

The VA Funding Fee is paid directly to the VA and helps to pay for the VA Home Loan Program for all current and future homebuyers. The VA Funding Fee ranges from 1.25 percent to 3.3 percent, but is waived for veterans with service-connected disabilities. The VA Funding fee can be paid in full at closing or rolled into the loan at closing.

Typically, VA loan interest rates are lower when compared to Conventional and FHA loans.

VA Loan Processing and Closing

Prior to the VA loan closes, the VA lender will order an independent appraisal of the property. VA appraisal helps assess whether the property meets the VA’s property condition standards. If there are problems (EG water damage, water damage, termites, leaky roof), they may need to be addressed before the loan process can move forward. Every situation is different.

An lender underwriter will then closely comb through the entire VA loan package. The underwriter’s job is to confirm all information and make sure all documentation is in place. If anything is missing or is not on par with VA or lender guidelines, the underwriter requests from the home buyer what is needed to make it right. When the underwriter approves a VA loan, prepare for your closing day, you’ll sign a lot of final paperwork and get the keys to a new home.

  • VA-Loans: Loan Officer Denise Slavinski
  • VA-Loans- Realtor Stacey Thomas
  • VA-Loans- Loan Officer Tracy Cowley
  • Conventional Loan
  • FHA Loans- Loan Officer Jed Manuel
  • FHA Insured Loan - Loan Officer Jed Manuel
  • FHA Loans - Loan Officer Jed Manuel
  • VA-Loans
  • VA-Loans
  • VA-Loans
  • FHA Loan - Loan Officer Tracy Cowley
  • VA-Loans
  • VA Loan Documentation Requirements
  • VA Loan Process
  • VA Loans
  • active duty military eligibility requirements for a VA Loan and how to obtain a COE
  • Certificate of Eledigablility VA Loan
  • The VA Loan Process
  • VA Home Loan, Home Loans and buying the best home!
  • Documentation for obtaining a VA Home Loan utilizing your VA Entitlement
  • Advantages of VA Loan Refinance or other Home Refinance Loan
  • Military Friendly Realtors, Real Estate agents, VA Loan Specialist, Veteran Relocation
  • VA Jumbo Loan Vs other Jumbo Loans
  • VA Funding Fee, VA Loan Funding Fee vs. PMI or Mortgage Insurance, Disabled Veterans

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